JLL Capital Markets announced it secured a $15.4 million refinancing for The Clair, a newly constructed, 40-unit Class A apartment community in Montclair.
JLL represented the borrower, Hampshire Real Estate Companies, in arranging the five-year, fixed-rate loan through National Life Group.
Located at 37 Orange Rd., The Clair, which was completed in 2024, benefits from a strategic position in one of New Jersey’s most affluent and desirable communities. Montclair is renowned for its high quality of life, excellent education system, and vibrant arts scene, and is conveniently located just 23 miles from Manhattan.
The property is situated within walking distance of both the Bay St. and Walnut St. NJ Transit Stations, offering residents quick access to New York’s Penn Station. Its proximity to major highways, including the Garden State Parkway and I-280, further enhances its accessibility.
The four-story community offers a mix of studios, one-, two-, and three-bedroom units, with four apartments designated as affordable housing. The modern units feature high-end finishes, including walk-in closets, stainless steel appliances, and in-unit washers and dryers.
Community amenities cater to contemporary lifestyles and include:
- A resident lounge.
- A rooftop terrace.
- A courtyard with grilling stations.
- Dedicated remote workspaces.
“The Clair represents exactly the type of high-quality, well-located asset that lenders are eager to finance in today’s market,” Michael Klein, senior director of JLL’s Debt Advisory team said. “Its prime location near multiple transit options and within one of New Jersey’s most desirable communities… made this an attractive financing opportunity for National Life Group.”
The JLL team representing the borrower was led by Senior Directors Michael Klein and Jon Mikula and Analyst Michael Donohoe.
